OPEC

The Organization for Petroleum Exporting Countries (OPEC) is an intergovernmental organization whose mission is to coordinate and unify petroleum policies to stabilize the world's oil markets and have a fair return on capital for those investing in the business. 13 countries are OPEC members, with OPEC members being present in South America, Africa, the Middle East, and Southeast Asia. Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela are its members, and it was formally established on 14 September 1960. It has been famous for its 1973 oil embargo against the United States in response to its support of Israel in the Yom Kippur War as well as for the 1975 OPEC siege in Vienna, Austria, where terrorists kidnapped the delegation leaders and planned to murder the Saudi and Iranian delegates.